ACRA updates guidance notes on setting up a register of controllers and register of nominee directors for companies
On 18 September 2017, the Accounting and Corporate Regulatory Authority (ACRA) issued revised versions of its written guidance in relation to the requirements on the register of controllers for Singapore companies, foreign companies registered in Singapore and limited...
IAASB Webcast: Proposed Changes to International Standard on Quality Control
The International Auditing and Assurance Standard Board (IAASB) Quality Control Task Force Chair, Karin French, leads a discussion on proposed changes to International Standard on Quality Control (ISQC) 1 for firms. The proposed changes will result in a restructured...
ISCA Releases Sustainability Reporting Implementation
The Institute of Singapore Chartered Accountants (ISCA) has developed a roadmap to help new or early-stage Sustainability Reporting adopters kick-start their sustainability reporting journey. The roadmap seeks to provide practical guidance on sustainability reporting...
ACRA updates Setting up Register of Controllers – Help Resources
The Accounting and Corporate Regulatory Authority (ACRA) has further updated the Setting up Register of Controllers – Help Resources with clarifications and addition of illustrative diagrams. These are part of the resources provided of ACRA which to guide companies,...
IASB has issued Practice Statement 2 Making materiality Judgements and Publishes Exposure Draft Definition of Material
The International Accounting Standards Board (IASB) has issued guidance on how to make materiality judgements to encourages companies to apply judgement instead of using IFRS requirements as a checklist, so that financial statements focus on the information that is...
ASC has issued INT FRS 123: Uncertainty over Income Tax Treatments
This Interpretation clarifies how to apply the recognition and measurement requirements in FRS 12 when there is uncertainty over income tax treatments. In such a circumstance, an entity shall recognise and measure its current or deferred tax asset or liability...
Exposure Draft: Accounting Policies and Accounting Estimates (Amendments to IAS 8)
The International Accounting Standards Board (Board) has published an Exposure Draft Accounting Policies and Accounting Estimates for public consultation and open for comment until 15 January 2018. The purpose of the proposed amendments is to help companies...
Narrow-Scope Amendments to IAS 8
The International Accounting Standards Board (IASB) has proposed an Exposure Draft IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors for public consultation and comments by 15 January 2018. The purpose of the Exposure Draft is to help companies...
ASC Responded to SME Implementation Group
The Accounting Standards Council (ASC) has submitted comment letters to the SME Implementation Group on IFRS for SMEs Draft Q&A Accounting for financial guarantees in parent’s separate financial statements. Draft Q&As which was developed in June 2017 provide...
Revenue – The 5-Step Model of New Revenue Standard (Part 2)
The new revenue recognition model 4.1 (IFRS 15) FRS 115 Revenue from Contracts with Customers introduces a 5-steps model that is to be applied to all revenue transactions irrespective of the nature of the entity’s business. The new model therefore applies to revenue...